Bitcoin is looking weak again and I’m not really comfortable taking fresh longs here
BTC is falling while OI dropped around 6% even faster than price
Taker shorts are above 52% and CVD is negative across major coins
DXY is back above 101 and US yields are also putting pressure on risk assets
But one thing is stopping me from getting too bearish
Binance whale long short ratio is still above 1 at 1.30
So right now I’m seeing short term bearish pressure
But I want to see BTC lose an important support before expecting a much bigger downside move
Friday options expiry can also bring some big volatility
$BTC
$ETH
$LTC
BTC is falling while OI dropped around 6% even faster than price
Taker shorts are above 52% and CVD is negative across major coins
DXY is back above 101 and US yields are also putting pressure on risk assets
But one thing is stopping me from getting too bearish
Binance whale long short ratio is still above 1 at 1.30
So right now I’m seeing short term bearish pressure
But I want to see BTC lose an important support before expecting a much bigger downside move
Friday options expiry can also bring some big volatility
$BTC
$ETH
$LTC